Wall Street Sets the Rules for Regulators

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Wall Street Sets the Rules for Regulators

Wall Street Sets the Rules for Regulators

This is a crime.


American Banker-

The current dynamics of the regulatory overhaul is a depressing development. While we’re normally quick  to criticize regulators (and for good reason), we also have to admit that monetary deprivation of such agencies by Republicans, as evidenced by budget cuts for the Commodity Futures Trading Commission, transfer some blame to anti-regulatory forces in Congress. Regulators currently entrusted with the task of policing Wall Street are facing a well-funded, well-connected and politically shrewd beast.

In essence, regulators are not writing the rules for Wall Street. Wall Street is writing the rules for regulators.

A few months ago, for instance, the CFTC was given the power to oversee derivatives and futures markets. At the same time, according to Reuters, Congress plans to cut $25 million (a 12% decrease from a year before) from the CFTC’s budget in a time when it desperately needs more resources to effectively accomplish its new responsibilities.

[AMERICAN BANKER]

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